Deutsche Boerse-backed FinTech firm, RegTek.Solutions, has expanded its flagship reporting tool to ensure firms can comply with the incoming Securities Financing Transactions Regulation (SFTR).
The tool allows firms to validate and assess the quality of trade and transaction data they report to repositories.
“To ensure the availability of data in a timely and reportable fashion, firms will have to consolidate a vast number of data points and fragmented data sets from sources inside and outside impacted firms, and make a lot of changes to their business process. This means that despite its synergies with EMIR, SFTR is one of the most challenging regulatory reporting regimes to date,” said Chris Cornish, SFTR SME and senior BA consultant, RegTek.Solutions.
“The reporting methodology imposed by the RTS and the enforcement of ISO20022 for all TR interactions also increases the burden. Our mission is to simplify SFTR reporting and allow firms to concentrate on the upstream challenges.”
Recent fines to investment banks over data reporting failings on trades have shown the importance of accuracy and quality. Last month, Goldman Sachs was fined £34 million for over 200 million MiFID II transaction reporting errors, while UBS was fined £27.6 million for similar failures for more than 135 million MiFID transaction reports.
In December, the European Commission formally adopted measures under SFTR, effectively setting the go-live data for the second quarter of 2020.
RegTek.Solutions is among a number of technology vendors that have expanded their service to meet the incoming rules. In October, DTCC added FIS Global, SimCorp, Broadridge and RegTek.Solutions as partners to its Global Trade Repository for SFTR reporting requirements.